Financial Performance - The company reported a net income of $609,632 for the six months ended June 30, 2025, compared to $1,364,592 for the same period in 2024, indicating a decrease of about 55.3%[12]. - For the three months ended June 30, 2025, the net income was $424,970, a decrease from $609,092 in the same quarter of 2024, representing a decline of about 30.2%[60]. - Basic and diluted net income per ordinary share subject to possible redemption was $0.09 for the six months ended June 30, 2025, down from $0.15 for the same period in 2024[12]. - The company incurred formation and operating costs of $455,018 for the six months ended June 30, 2025, slightly lower than $462,746 for the same period in 2024[12]. - For the six months ended June 30, 2025, the company reported a net income of $609,632, consisting of interest income of $1,064,650 and operational costs of $455,018[108]. Assets and Liabilities - As of June 30, 2025, total assets decreased to $44,556,037 from $73,814,933 as of December 31, 2024, representing a decline of approximately 39.5%[10]. - Cash held in the Trust Account decreased significantly to $44,511,399 from $73,784,549, a reduction of approximately 39.7%[10]. - Total current liabilities increased to $2,213,966 as of June 30, 2025, compared to $816,994 as of December 31, 2024, marking an increase of about 171.5%[10]. - The company had an accumulated deficit of $(2,859,541) as of June 30, 2025, compared to $(1,476,823) as of December 31, 2024, reflecting an increase in the deficit of approximately 93.5%[10]. - The Company has $44,511,399 in its Trust Account as of June 30, 2025, with a working capital deficit of $2,169,328[40]. Business Operations - The company has not yet commenced any operations and is focused on pursuing a business combination in the healthcare innovation sector[20]. - The Company will cease operations and liquidate if it cannot complete a business combination within the prescribed period[30]. - The company has not generated any operating revenue to date and will not do so until after the completion of its initial business combination[107]. - The company has not engaged in any operations or generated revenue since its inception, focusing solely on organizational activities and identifying target companies[107]. Initial Public Offering (IPO) - The Initial Public Offering generated gross proceeds of $69,000,000, with offering costs amounting to $2,070,665[22]. - The Company completed its Initial Public Offering on December 6, 2023, raising gross proceeds of $69,000,000 from the sale of 6,900,000 Units at $10.00 per Unit[71]. - The underwriters received a cash underwriting discount of 2.00% of the gross proceeds from the Initial Public Offering, amounting to $1,380,000[94]. - The underwriters are entitled to a deferred underwriting discount of $690,000, payable upon the closing of the initial business combination[128]. - A total of $69,690,000 from the IPO and private placement proceeds was placed in the Trust Account, to be used until the consummation of a business combination or distribution to shareholders[126]. Shareholder Activity - On February 5, 2025, shareholders redeemed 2,904,267 shares at approximately $10.77 per share, totaling around $31.27 million[37]. - A total of 2,904,267 shares were redeemed by shareholders at approximately $10.77 per share, totaling around $31.27 million[84]. - As of June 30, 2025, 3,995,733 ordinary shares were subject to possible redemption, down from 6,900,000 as of December 31, 2024[54]. - As of June 30, 2025, there were 2,126,000 ordinary shares issued and outstanding, excluding 3,995,733 shares subject to possible redemption[86]. Business Combination Agreement - The Company entered into a definitive Business Combination Agreement with United Hydrogen Group Inc. on June 19, 2024[35]. - The Company must complete a business combination by September 6, 2025, with the option to extend the deadline up to twelve times by one month each time[77]. - The company issued unsecured promissory notes totaling $300,000 to extend the time available to complete a business combination until September 6, 2025[101][102]. - The Sponsor and United Hydrogen deposited $150,000 for each of the third through eighth monthly extensions to the Trust Account[39]. Financial Controls and Governance - The company’s disclosure controls and procedures were deemed not effective as of June 30, 2025[118]. - Management believes that the company will have sufficient working capital to meet anticipated cash needs prior to the initial business combination[111]. - The Company has agreed to pay the Sponsor $10,000 per month for administrative services, with an unpaid balance of $180,000 as of June 30, 2025[82]. - The Company has a total amount due to a related company of $699,469 as of June 30, 2025, for administrative services and IPO-related costs[81].
Aimei Health Technology(AFJK) - 2025 Q2 - Quarterly Report